The Traderszone Network

Published in TZ Latest News 16 July, 2015 by The TZ Newswire Staff

Petrobras pays Brazil $508 million to settle tax dispute

Brazil’s state-run oil company Petroleo Brasileiro SA said late Thursday it paid 1.6 billion reais ($508 million) to settle part of a tax dispute with Brazilian authorities and will take a charge against second-quarter earnings. The payment includes 1.2 billion reais in back taxes and 400 million reais in fines and interest, Petrobras, as the company is formally known, said in a statement. The payment comes after Brazil’s CARF, a tax-ajudication body in the Finance Ministry, ruled that Petrobras must pay a financial-transaction tax known as the IOF.